Court Enters, On Consent, Judgment Requiring Former Certified Public Accountant to Pay Over $1 Million in Disgorgement and Prejudgment Interest For Violating Commission Suspension Order, and Orders Payment Plan Addressing Accountant's Contempt of Prior Final Judgment for Failing to Pay Monies Owed

The Commission today announced that, on June 24 and 27, 2016, the Honorable I. Leo Glasser of the United States District Court for the Eastern District of New York entered an Order and Judgment on consent in two cases against David Rivard, a former certified public accountant. In the first case, the Judgment enforces a prior Commission order suspending Rivard from practicing accounting before the Commission as the Court requires Rivard to pay disgorgement totaling $986,870.87, moneys he obtained in connection with violating the Commission order suspending him, together with prejudgment interest of $153,438.46, totaling $1,140,309.33. Securities and Exchange Commission v. David Rivard, 15 Misc. 0221 (E.D.N.Y. Feb. 5, 2015). In the second case, the Court entered an Order imposing a payment plan against Rivard addressing the Court's previous finding that Rivard is in contempt of a money judgment previously entered against him in SEC v. Rivard, No. 04 Civ. 1464 (E.D.N.Y. Apr. 8, 2004), and directs Rivard to make payments over the next 5 years to fully pay that money judgment. Previously on June 3, 2015, the Court on consent entered an Order directing Rivard to comply with the Commission's suspension order, finding him in contempt for not paying the prior money judgment, and providing remedies for the Commission to collect on the prior money judgment, such as execution of a mortgage deed on a residential property in favor of the Commission to secure the amounts owed under the money judgment. The mortgage deed in the Commission's favor remains filed against that property. Rivard is a resident of East Setauket, New York, and had previously been licensed as a certified public accountant by the State of New York from February 1992, until he surrendered his license, effective March 2008.